Hey Le penseur

It's good that you weighed in on this wt topic. That's a good angle to look from, with respect to the value of the wt when the expiry date gets close. So, who sold?

Sometimes I take the role of an "agent provocateur" to stimulate the discussion, especially to draw valued comments from others, especially experienced posters. (Disclosure: I have no link with the Brit. high-end lingerie chain Agent Provocateur, lol).

Wrt the second point about Frank wanting to spend $1M to get more shares (opts or wts or whatever means, but legit of course, to obtain more share for additional voting power then we would be talking serious stuff here...but you said during the next 3.5 months, why 3.5 months? why so precise? Of course not for selling at $0.11/s.

I just dusted up the old valuation reports from Cormark and Broad Oak, link below

http://www.newswire.ca/en/story/677875/kwg-reports-two-independent-valuation-opinions

and they came up with a range up to $0.34/s, based on the early days holdings when KWG did not have BH, and the new technology (gas-powered) to process the chromite,...

I believe the first report was at the request of CLF when CLF wanted to take over KWG, but got cold feet (or, let KWG twist in the wind and then pick it up cheap?). CLF did not want KWG to complete and publish the report, but Frank continued to go on and complete the report. Not sure if CLF paid for its share of the cost of this valuation, perhaps not.

In the 2nd report, as I recall, the cost of the RR of $1.6B was included in the valuation. Chromite mining business is lucrative, hence it would take just a short period to pay off the Capex (Ref. CLF proposal for BT).

From the above I would say any low-ball run at KWG would have to start, at least, at ~$ 0.34 level before the BoD would briefly look at it... and reject it. Then, a bidding war would begin.

Just my take, folks.

goldhunter